Quarterly ResultJul 23, 2026, 04:13 PM
Cleveland-Cliffs Q2 Net Loss Narrows to $145M; Revenue Up 6%
AI Summary
Cleveland-Cliffs Inc. reported a significant narrowing of its net loss for the second quarter of 2026, with net loss attributable to shareholders at $145 million, a substantial improvement from $486 million in Q2 2025. Revenues for the quarter increased by 6% to $5,226 million. Adjusted EBITDA also saw a strong rebound, reaching $286 million compared to $94 million in the prior year period. The company also noted an immaterial error correction for prior periods and discussed a new accounting pronouncement.
Key Highlights
- Q2 2026 net loss attributable to shareholders was $145 million.
- Q2 2026 revenues increased 6% to $5,226 million.
- Q2 2026 Adjusted EBITDA was $286 million, up from $94 million YoY.
- Net cash used by operating activities for H1 2026 was $95 million.
- Long-term debt stood at $7,703 million as of June 30, 2026.
- Indefinitely idled facilities charges balance was $54 million.
- Identified and corrected an immaterial error related to employment costs.
- Noted new FASB ASU 2024-03 on income statement expense disaggregation.
Price Impact
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